Powell to Remain Fed Governor After Chair Term Ends in May 2026

Federal Reserve Chair Jerome Powell said he intends to remain at the central bank as a governor after his term as chair expires in May 2026. According to the report, Powell vowed he won’t be a “shadow chair.”

Powell told CNBC he plans to “keep a low profile as a governor” and described the transition process as “a very normal, standard kind.” The article notes that Kevin Warsh, nominated by President Donald Trump as incoming Fed Chair, could not be reached for comment. Trump had previously nominated both Powell and Warsh to their roles.

The most recent Federal Open Market Committee post-meeting statement drew four dissents. Inflation stood at 2.2% in March 2026, above the Fed’s 2% target. Labor market data showed weekly jobless claims falling to their lowest level since September 1969, with layoffs at their lowest since the early years of former President Richard Nixon’s administration.

Venezuela’s oil exports reached a seven-year high of 2.23 million barrels per day in April 2026. Shipping data and PDVSA documents show 66 cargoes departed Venezuelan ports in April, up from 61 vessels in March. This surge follows the capture of Nicolas Maduro in January 2026, the installation of an interim government, and Washington easing sanctions on Venezuela since January while taking control of certain Venezuelan assets.

TankerTrackers noted that Venezuela’s oil exports are now taller than Iran’s for the first time in six years.

Botswana raised interest rates by 0.5%, becoming the first African country to take such action. The hike addresses pressures from elevated oil prices and related supply disruptions tied to the Iran war. Israel is said to have helped defend the Emirates in the Iran war with Iron Dome, according to The New York Times.

Powell’s announcement comes amid internal divisions on policy direction at the Fed.